Despite a strong housing recovery, millions of homeowners in the U.S. are still underwater when it comes to their mortgage debt. Out of desperation, many of those struggling may look for relief within potential scam, Credit.com reported.
“In recent weeks, the federal Consumer Financial Protection Bureau brought down a pair of allegedly widespread mortgage modification scams that targeted consumers who were underwater on their home loans, according to a report from the agency. In total, the scams could have had as many as several thousand victims across the country, and ripped them off for more than $10 million,” the article stated.
Find out more about the new warning on mortgage mods by clicking here.